EU assesses Ukraine's financial needs and re-evaluates use of frozen Russian assets for aid

The European Commission has begun assessing Ukraine's financial requirements as discussions intensify on utilizing frozen Russian assets, primarily held in European financial institutions, to provide aid. This follows Ukraine's August announcement of needing $27 billion to cover its budget deficit, and a previous EU agreement for a €90 billion loan. A proposal from over 120 Renew Members of the European Parliament suggests a pan-European instrument to manage these funds, aiming to protect Belgium and Euroclear from legal risks.